OvaScience Announces Business Update

– Maintaining AUGMENT Commercial Footprint; Increasing Focus on
OvaPrime and OvaTure –

– Improving Cost Structure Through Corporate Restructuring; Extending
Cash Runway to Q1 2019 –

– Chief Executive Officer Harald Stock, Ph.D., Hired to Lead
Commercial Expansion, Stepping Down –

WALTHAM, Mass.–(BUSINESS WIRE)–OvaScienceSM (NASDAQ: OVAS), a global fertility company
focused on the discovery, development and commercialization of new
treatment options, today announced a business update. The Company will
continue to make AUGMENTSM available to patients at partner
clinics in Canada and Japan and maintain its current commercial
footprint. However, the Company will slow its commercial expansion,
reassess its ongoing and planned clinical studies of AUGMENT, and
undertake a corporate restructuring. These changes will enable the
Company to extend its cash position into the first quarter of 2019 and
increase its focus on the development of OvaPrimeSM and

In connection with this shift in strategy, President and Chief Executive
Officer, Harald Stock, Ph.D. and Chief Operating Officer, Paul Chapman,
who were brought on board to lead a global commercial expansion of
AUGMENT, have chosen to step down to seek new opportunities. The Company
will also reduce its workforce by approximately 30 percent. Michelle
Dipp, M.D., Ph.D., Executive Chair and co-founder of OvaScience, will
oversee operations while the Company conducts a comprehensive search for
a new chief executive officer.

“While we have made progress on building the infrastructure to
commercialize AUGMENT and remain confident its potential, the near-term
financial return has not been sufficient for us to continue to invest at
the levels we believe are necessary for a large commercial expansion. We
remain committed to developing our groundbreaking therapies for as many
women and couples as possible,” said Dr. Dipp. “We thank Harald and Paul
and wish them the best in their future endeavors.”

Revising AUGMENT Strategy
OvaScience remains confident in
the safety and efficacy of AUGMENT and will continue to offer the
treatment to patients at partner clinics in Canada and Japan but will
limit the growth of its commercial infrastructure in those countries.
The Company is reassessing the ongoing IVI-sponsored clinical study in
Spain as well as the planned multi-center clinical trial and will
provide an update in the near-term.

Separately, OvaScience is scheduled to speak with the U.S. Food and Drug
Administration in the first half of 2017, as part of its ongoing
exploration of potential entry into the U.S. market.

Continuing Development of OvaPrime
OvaScience has decided to
advance the clinical development of OvaPrime, a potential fertility
treatment that could enable a woman to increase her egg reserve by
repositioning her egg precursor (EggPCSM) cells within her
ovary, where they may mature into fertilizable eggs. Diminished ovarian
reserve affects approximately 30 percent of those seeking fertility
treatment, and can preclude a woman from undergoing in vitro
fertilization (IVF) if she produces, or has in the past produced, too
few or no eggs following hormonal hyperstimulation. 1

The initial decision to begin first-in-human studies was based on
positive safety data from a preclinical toxicology study in non-human
primates. The repositioning of EggPC cells from the outer ovarian cortex
to the inner ovarian cortex was demonstrated to be safe and
well-tolerated in a six-month study of 18 non-human primates. The
results of this toxicology study, along with supporting data from rodent
models, were presented at Annual Meeting of the European Society of
Human Reproduction and Embryology in 2016.2

To date, 40 patients are enrolled in the ongoing Company-sponsored
clinical trial in Canada, which is designed to evaluate the safety of
OvaPrime and changes in a patient’s hormone levels and follicular
development as measured by ultrasound. OvaScience expects to enroll up
to 50 patients in this study. Additionally, five patients have been
enrolled in an ongoing investigator-initiated trial in the United Arab
Emirates, which is designed to evaluate reproductive outcomes, as
measured by egg quality, fertilization success and embryo quality. This
trial continues to enroll patients.

In 2017, the Company will utilize the results of these studies to fully
assess the safety profile of OvaPrime and to help define the patient
population most likely to derive the greatest benefit from treatment. In
the future, the Company will use these data to support OvaPrime’s
commercial efforts. When these studies are complete, the data will be
provided likely in the form of a presentation or publication.

Positive Development Progress of OvaTure in both Bovine and Human
EggPC Cells

OvaScience has made significant progress toward
advancing the preclinical development of OvaTure, its potential
next-generation IVF treatment that could help a woman produce healthy,
young, fertilizable eggs without hormone injections by maturing EggPC
cells into eggs in vitro, or outside of the body.

The Company is progressing towards maturation of an EggPC cell-derived
egg. Together with Intrexon Corporation (NYSE: XON), an in vitro
culture system has been established with the goal of developing oocytes
that exhibit developmental competence, a critical milestone which
indicates normal maturation. Signature hallmarks of developmental
competence that have been observed in both bovine and human models
include chromosomal segregation, germinal vesicles and polar bodies.
Eggs generated by the OvaTure approach, which exhibit these hallmarks,
should be fertilizable and develop into an embryo.

In bovine models, fertilization studies have begun to investigate the
full development capabilities of EggPC cell-derived eggs and will be the
focus for 2017. Also in 2017, OvaScience will continue efforts on human
egg maturation as well as work with clinical partners to enable
fertilization and characterization of EggPC cell-derived eggs and

Extending Cash Runway into Q1 2019
As a result of its
corporate restructuring, the Company anticipates that operating cash
burn will be between $45 million and $50 million in 2017, excluding
one-time cash items of approximately $7 million to $8 million related to
the restructuring. The Company may also incur further restructuring
charges related to the restructuring plan. OvaScience anticipates it
will have sufficient funds, without additional financing, to support its
revised operating plan into the first quarter of 2019.

About OvaScienceSM
OvaScience, Inc.
(NASDAQ: OVAS) is a global fertility company dedicated to improving
treatment options for women around the world. OvaScience is discovering,
developing and commercializing new fertility treatments because it
believes women deserve more options. Each OvaScience treatment is based
on the Company’s proprietary technology platform that leverages the
breakthrough discovery of egg precursor (EggPCSM) cells –
immature egg cells found inside the protective ovarian lining. The
AUGMENTSM treatment, a fertility option designed to improve
IVF success rates, is available in certain IVF clinics in select
international regions. OvaScience is developing the OvaPrimeSM
treatment, which could increase a woman’s egg reserve, and the OvaTureSM
treatment, a potential next-generation IVF treatment that could help a
woman produce healthy, young, fertilizable eggs without hormone
injections. OvaScience treatments are not available in the U.S. For more
information, visit www.ovascience.com.

Forward-Looking Statements

This press release includes forward-looking statements about the
Company’s plans for the AUGMENT treatment, OvaPrime treatment and
OvaTure treatment, including statements relating to the Company’s plans
to increase its focus on OvaPrime and OvaTure, plans to maintain the
AUGMENT commercial footprint and slow commercial the expansion of
AUGMENT; plans to continue to make AUGMENT available to patients in
partner clinics in Canada and Japan; plans to improve the Company’s cost
structure through a corporate restructuring; plans to extend the
Company’s cash runway into the first quarter of 2019 without further
financing; anticipated 2017 cash burn; anticipated cash items and
restructuring charges associated with the corporate restructuring; plans
to reduce the Company’s workforce by 30 percent; plans to reassess the
ongoing and planned clinical studies of AUGMENT; belief in the potential
of the Company’s EggPC technology; plans to speak with the FDA in the
first half of 2017; enrollment plans for OvaPrime clinical studies in
Canada and the UAE; plans to use the future data from ongoing OvaPrime
studies to assess the safety profile of the treatment, help define the
patient population for the treatment and support OvaPrime commercial
efforts; plans to provide OvaPrime data in the future; plans to pursue
fertilization studies of bovine EggPC cell-derived eggs; and plans to
continue efforts in the OvaTure program relating to human egg
maturation, characterization and fertilization. Actual results may
differ materially from those indicated by these forward-looking
statements as a result of various important factors, including risks
related to: the possibility that international IVF clinics that we work
with may determine not to provide or continue providing the AUGMENT
treatment or OvaPrime treatment, or to delay providing such treatments,
or to limit the population of patients receiving the treatment based on
clinical efficacy, safety or commercial, logistic, economic, available
data, regulatory or other reasons; challenges associated with enrolling
and completing clinical trials, the science underlying our treatments
(including the AUGMENT, OvaPrime and OvaTure treatments), which is
unproven; and
scientific and regulatory challenges associated
with characterizing and fertilizing an EggPC cell-derived egg; our
ability to obtain regulatory approval or licenses where necessary for
our treatments; our ability to develop our treatments on the timelines
we expect, if at all; our ability to commercialize our treatments, on
the timelines we expect, if at all; as well as those risks more fully
discussed in the “Risk Factors” section of our most recently filed
Quarterly Report on Form 10-Q and/or Annual Report on Form 10-K and
Exhibit 99.3 to our current report on Form 8-K filed with the Securities
and Exchange Commission on August 4, 2016. The forward-looking
statements contained in this press release reflect our current views
with respect to future events. We anticipate that subsequent events and
developments will cause our views to change. However, while we may elect
to update these forward-looking statements in the future, we
specifically disclaim any obligation to do so. These forward-looking
statements should not be relied upon as representing our view as of any
date subsequent to the date hereof.


Assisted Reproductive Technology 2013 National Summary,
page 5

2 http://www.ovascience.com/files/White_et_al_ESHRE_2016_poster_P440_24Jun2016_2.pdf


OvaScience, Inc.
Jennifer Viera, 617-420-8748